If you are a jewelry repair shop and have been working for a long time but still not getting the profits you want? Though the jewelry repair business is quite massive and covered 1.6 billion dollars in 2023, you are still not getting your fair share. Then it’s time to move on to a growth plan and find yourself extra revenue streams. Before that, you need to make sure that your jewelry repair processes won’t be interrupted. For that, use jewelry repair shop software. It manages all your store operations, including customer, employee, and inventory, leaving you abundant time to focus on your growth and other income streams. It will also help you through these tasks as well.
Now you might wonder what can be the extra revenue streams for a shop that’s expertise in jewelry repair.
Custom Jewelry Designs
How many times do you go to a jewelry shop and find exactly the one that you want? I’d say maybe once in a million years. So as a jewelry repair shop owner, you can provide customization services along with the repair. Customers can alter their jewelry pieces however they want and also get new designs on them by paying an extra fee and service charges. It is easily doable because you have the repair parts and the experts already available to do it. That won’t cost you much, and you will also be fulfilling your customer’s demands. This way, you will have an additional revenue stream. You can manage all these spare parts inventory and this kind of repair in your Jewelry Repair Shop POS. It manages your inventory automatically and adjusts the item whenever an item enters or leaves the warehouse.
Personalization and Engraving
Engraving and personalization never go out of trend. People love adding special messages and designs to their jewelry pieces, especially their names. You can provide these services along with your repair services at an affordable fee as compared to a jewelry shop. All you have to do is to make a little investment in laser engraving machines or computer-controlled engraving machines. Then, you can provide them with exclusive designs and also a wide range of fonts to choose from. If you don’t buy to invest in all these products, then you can use the services from a specialized jewelry engraver and pay him a certain percentage. With this option, you can provide this facility whenever you want and discontinue it if you have other things on your plate. In addition, you can display the engraving designs online or on your customer-facing Jewelry Repair Shop Software for your customers.
You can also provide jewelry rental services to customers. Acquire jewelry pieces such as rings, bracelets, necklaces, etc., and rent them for a period of time against a fee. Now it completely depends on you how much time you want to rent your jewelry. It can be a day, week, and month, etc. You can decide the charges on a time basis or the jewelry’s worth. Some jewelry pieces can be expensive so you can add a tracker device and also device an insurance plan for the customers. This will ensure your piece’s safety and provide customers with the services they want. It’s better to have a rental agreement where you have all the terms and conditions in case of lost jewelry pieces, damage, and the rental period. Once you are done with the agreement, you can add all the information to the Jewelry Repair Shop POS along with the customer’s information, and it will keep track of all the jewelry pieces.
Selling Jewelry Pieces
It’s good to sell little jewelry pieces like rings, earrings, or bracelets. These little pieces won’t cost you much as you can make them in-house or buy them. You can provide a variety of designs to attract customers at discounted prices than the jewelry stores. This will include all the customers in different price ranges as you can make the pieces price-friendly using less gold or metals, which jewelry shops cannot provide. It will include inclusivity, and customers can buy and wear decent jewelry without paying a significant amount. This enhances your relationship with customers and increases satisfaction.
Some customers are pretty much curious when it comes to their jewelry, and why won’t they if they are buying expensive jewelry? They want to know about their jewelry and have knowledge of authenticity and good jewelry pieces. That’s why they seek education which you can give them in the form of certifications. With that, they will know the value of their piece and can have it certified authentic as well. You do not need extra investment because the teaching will require a microscope and scales for identifying gemstones. Since you are an expert in jewelry, you won’t need to hire a gemologist to give sessions. Therefore with a little fee, you can teach your customers and provide them with certifications.
The jewelry repair business is quite versatile, and you can do a lot with it if you have the right tools, like Jewelry repair shop software, to automate your processes. So whenever you feel like your business is going downside, you have all these revenue streams to fill your bags and keep your business up and standing. Therefore, I highly suggest starting some of them according to your requirement and feasibility.
Give these a try, and let me know how they worked for you!